FMICs financial markets group made P1.27 billion during the year in the form of interest income from fixed income securities, trading gains from the sale of government securities and distribution and brokering fees.
FMIC sees investors rushing into bond issuances due to the bunching of maturity of the bonds previously issued and as the usual issuers exceed their single borrowers limit (SBL).
The investment banking group produced a total fee income of P512 million, 7 percent higher than the previous year as FMIC participated in various transactions such as the P3.16-billion initial public offering of Century Pacific Food Inc.